At year-end 2012, total assets for Ambrose Inc. were $2 million and accounts payable were $380,000. Sales, which in 2012 were $2.8 million, are expected to increase by 20% in 2013. Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is, they will grow at the same rate as sales. Ambrose typically uses no current liabilities other than accounts payable. Common stock amounted to $410,000 in 2012, and retained earnings were $230,000. Ambrose plans to sell new common stock in the amount of $185,000. The firm's profit margin on sales is 3%; 40% of earnings will be retained. What was Ambrose's total debt in 2012? How much new long-term debt financing will be needed in 2013